中期协新规剑指期货业“内卷式”竞争 推动从“价格战”向“价值创造”转型

Core Viewpoint - The China Futures Industry Association has released a draft regulation aimed at addressing the issue of "involution" in the futures brokerage business, which has been characterized by intensified homogenized competition and price wars, with the goal of promoting fair competition and protecting traders' rights [1][2]. Group 1: Industry Competition Issues - The brokerage business accounts for approximately 50% of the total revenue in the futures industry, but it faces severe saturation and intense competition [2]. - There is a significant problem of malicious competition regarding fees, with some companies offering low or even zero fees to attract clients, which undermines the quality of service and increases risks for clients during market volatility [2][3]. - The low fee strategy has led to a situation where capable futures companies struggle to provide high-quality services, resulting in increased risks for both the industry and the real economy [2][4]. Group 2: Regulatory Framework - The draft regulation outlines eight prohibited behaviors in brokerage activities, including charging fees below the exchange's published standards and using deceptive advertising to mislead traders [3][4]. - The regulation emphasizes four principles: problem-oriented, market-oriented legal compliance, transparency, and standardized management to ensure effective implementation [3][4]. - The regulation aims to create a fair competitive environment by establishing clear guidelines and promoting differentiated pricing based on client types [3][5]. Group 3: Expected Industry Impact - The introduction of the regulation is expected to enhance the overall competitiveness of the futures market by reducing internal competition and reallocating resources more effectively [4][5]. - Companies relying on low-price strategies may face customer loss and revenue decline, prompting them to restructure their profit models [5]. - Long-term, the regulation is anticipated to shift the focus of futures companies towards core capabilities and comprehensive derivative services, ultimately improving the market's risk management and resource allocation functions [5].